A selection of the top U.S. charitable foundations have an estimated $8.62 billion, or 13.5% of their assets, invested with women- and/or minority-owned money managers, according to a study from the $2.4 billion John S. and James L. Knight Foundation, Miami.
Twenty-six of the top 50 U.S. charitable foundations either participated in a survey conducted by the Knight Foundation or had public data available, representing $63.95 billion in invested assets.
About 50% of the total $8.62 billion is invested with both women- and minority-owned firms.
All but four of the 26 participating foundations have some portion invested with women- and minority-owned firms, with the Knight Foundation itself holding the highest percentage at 45.9%, and the $2.4 billion Casey Family Programs, Seattle, holding the next-highest percentage at 35.3%.
The largest foundation, the $51.8 billion Bill & Melinda Gates Foundation, Seattle, has 3.4% invested with women- and minority-owned money managers, according to the report.
The report is available on the Knight Foundation's website.